Fruitas posts record net income in Q2 2022 since listing

It reached over $411,000, increasing 232% YoY.

Fruitas Holdings saw a 232% year-on-year (YoY) increase in net income in the second quarter to reach over $411,000 (P23m), the best reported net income since its listing in November 2019.

In a statement, Fruitas said its revenue rose by 74% YoY during the quarter to around $8.2m (P457m), whilst its operating earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 306% YoY to around $1.2m (P69m).

The company delivered around $3m (P168m) of shareholder value in the second quarter composed of the net income and the around $2.6m (P145m) in incremental equity reserves from the listing of Balai ni Fruitas shares.

For the first half of the year, its net income increased by 440% YoY to over $518,000 (P29m), and its revenue jumped 50% YoY to around $1.4m (P787m). Its operating EBITDA rose 294% YoY to around $2.2m (P122m).

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Fruitas also posted a 61.5% gross profit margin in the first half, which is better than the 60.6% in the same period last year despite the rise in raw material prices, as the company employed tactical price increases and expanded its supplier base and improved raw material sourcing to mitigate price inceases.

“The 2022 first half performance is a testament of the Group’s ability to deliver significant value to its shareholders. Despite economic headwinds, we delivered increasing margins and profits,” Fruitas President and CEO Lester Yu said. “Our performance for July 2022 also continued to exceed our expectations and we hope to deliver a bumper year to our shareholders.”

The company added around 20 stores from March to July, bringing the total to more than 720 stores.

$1 = P55.88